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Benzinga

Business

Akanksha Bakshi

Siemens Expands US Manufacturing Footprint With $54M Investment

Siemens SIEGY America California Siemens AG Texas

Siemens AG (OTC:SIEGY) plans to invest $54 million in existing and new sites in Texas and California that develop electrical equipment for critical infrastructure systems, including EV charging, data centers, and industrial installations.
The investment also encompasses a soon-to-be chosen manufacturing location for EV charging equipment, spurring domestic manufacturing of Level 2 charging.
The company expects the expansion to bring ~300 new jobs, with more to come across its regional supply chains.
"This commitment from Siemens proves the ripple effect that infrastructure investment can have to support well-paying, high-skilled jobs for workers not just in one city or state, but in communities across America," said Barbara Humpton, CEO of Siemens USA.
Price Action: SIEGY shares closed lower by 2.41% at $67.09 on Thursday.

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